TAMPA, Fla. — Two Florida cities once again led the nation in home price hikes in February, according to the latest S&P CoreLogic Case-Shiller Home Price Index.
Miami saw the largest year-over-year price gain in February at 10.8%. Just behind Miami was Tampa, which saw prices jump by 7.7% in February. Atlanta rounded out the top three with an increase of 6.6% increase year-over-year.
The Southeastern part of the United States saw the largest gains in the home price index at 7.8%. The Western United States saw the smallest price gains at 4.2%.
After seasonal adjustment, the national index posted a month-over-month increase of 0.2%. The national composite index now stands 4.9% below its June 2022 peak. Both the 10-City and 20-City composites posted month-over-month increases of 0.1%.
Year over year, the national index is only 2% above the February 2022 level, down from a 3.7% year-over-year gain in the previous month. The 10-City composite index had an annual increase of 0.4%, down from 2.5% in January, while the 20-City Composite posted a 0.4% year-over-year gain, down from 2.6% in January.
"Although forecasts are mixed, so far the Federal Reserve seems focused on its inflation-reduction targets, which suggests that interest rates may remain elevated, at least in the near term," Craig Lazzara, managing director at S&P Dow Jones Indices.
CNN contributed to this report
